Equities Fixed Income External Managers Private Equity and Real Estate Sustainable Investing


We follow a philosophy that low-turnover, concentrated portfolios derived from sound bottom-up fundamental research provide an opportunity for attractive performance results over time. We have a culture and firm equity ownership structure that help us attract and retain professionals who share those beliefs, and we follow a repeatable investment process that helps us stay true to our philosophy.

Brown Advisory Equity Strategies

Fixed Income

We follow a philosophy that fixed income strategies built from a foundation of stability coupled with fundamental credit research can seek to generate alpha and control risk. We have a culture and firm equity ownership structure that attract and retain professionals who share those beliefs, and we follow a repeatable investment process that helps us stay true to our philosophy.

Brown Advisory Fixed Income Strategies

External Managers

Investment Solutions Group

The Investment Solutions Group is an investment-management team within Brown Advisory that specializes in asset allocation, manager selection, hedge funds and other alternative investment strategies. Dedicated to open-architecture solutions, our team has established a strong track record of identifying high-quality, third-party investment managers across the hedge fund, long-only and private equity universes. We leverage this expertise to help clients assemble portfolios that we believe best fit their needs and goals, offering clients a range of solutions from complete portfolio management to fulfillment of specific hedge-fund and alternative-asset mandates.

Private Equity and Real Estate

Private Equity and Real Estate

Brown Advisory has incorporated private equity and real estate investments in client portfolios since our founding. Today, we can provide that exposure in three distinct ways.

Feeder Funds and Multimanager Funds
We introduce clients to investment opportunities in early- and late-stage venture capital and buyout funds, as well as select real estate funds. We also construct these feeder funds into multimanager funds through our Private Equity Partners (PEP) and Real Estate Partners (REP) vehicles to make private equity investing as easy as possible for our clients.

Customized Private Equity Portfolios
For most clients, private equity is one component of a balanced portfolio that we manage. Other clients, however, come to us specifically for custom-built private equity and real estate portfolios.

Sustainable Investing

Sustainable Investing Strategies

  • Multi-Manager Strategies
  • For clients seeking an open-architecture solution, we have access to several of the premier sustainable managers in the industry - all vetted by internal research.
  • Private Equity
  • Our private equity team is focused on evaluating the growing universe of private impact investments to identify standout opportunities that target various issues of particular concern to our clients. To date, we have placed assets in investments targeting a variety of impact themes such as community impact, microfinance, education technology, sustainable real estate, water initiatives and others.*
  • *Many alternative investments by regulation may only be sold to Accredited Investors (institutions with at least $5 million in assets) or Qualified Purchasers (institutions with at least $25 million in investments).

Customized Portfolios

This diverse assortment of solutions will meet many clients’ sustainability objectives; however, we understand the continued evolution of this space and seek to be able to react quickly to client needs.

For clients with unique missions, value-aligned investing programs, or who simply wish to ensure that they do not own certain controversial companies or have access to certain industries, we offer the following customized options:

Additional Screening: To the extent we have reliable data and can build rules into our compliance systems, we can add specific screens to a separate account to restrict companies (e.g. oil and gas providers) or industries (e.g. tobacco or weaponry).

Customized and Thematic Portfolios: Within a separate account, we can work together to solve for a sustainability need. From a universe of securities researched from both the bottom-up and for their ESG profile, we can assemble a custom portfolio of securities designed to meet many specific sustainable goals or outcomes.

Investment Insights and Thoughts from Brown Advisory
Navigating Our World

NOW 2016 | Putin’s World

Taylor Graff, CFA
June 23, 2016

On Feb. 27, 2014, unidentified troops, referred to as “little green men” in news reports, stormed the Crimean peninsula. Within days, the soldiers occupied the Crimean Parliament prior to a vote by lawmakers to replace the regional prime minister with a member of the Russian Unity party and hold a referendum to join Russia.

There was little doubt about the allegiance of the little green men. They appeared shortly after Ukrainian President Viktor Yanukovych, an ally of Russian President Vladamir Putin, fled to Russia and was replaced by Arseniy Yatsenyuk, a proponent of Ukrainian integration into the European Union. Although Putin’s opposition to the leadership change was predictable, his invasion of a sovereign nation and annexation of the peninsula was a shock that provoked condemnation from several nations.

Inside Russia, the story was very different. According to a poll by the All-Russian Center for Public Opinion Research, 90% of Russians supported the annexation. Putin’s approval rating surged 10% in February and March of 2014, to 71.6%. He had convinced many Russians that their country was strong and impervious to foreign condemnation. Putin also distracted the public from the flagging Russian economy. The upshot—the incursion into Ukraine was a success, at least by the rules of Putin’s world, according to Angela Stent, director of the Center for Eurasian, Russian and East European Studies at Georgetown University.

In describing Putin’s world, Stent compared how Russians and the West hold completely different views on historical events. For instance, many Russians believe that the Soviet Union fell not because of economic decay and mismanagement, but because U.S. infiltration and espionage exploited weak leadership, Stent said at the NOW 2016 forum. For his part, Putin sees efforts by the European Union and NATO to expand economic and political cooperation as part of a campaign to isolate Russia and challenge it militarily.

Brown Advisory's NOW 2016 | PUTIN'S WORLD
Vladimir Putin’s actions in recent years have been described as provocative or even belligerent by many observers, yet when viewed from his perspective—as a leader of a once-great power determined to restore Russia’s status in the world—one can gain a greater understanding of his motivations and the forces driving Russia. Angela Stent will discuss the dramatic recent developments in U.S.-Russian relations, and provide insights regarding a different, and potentially more fruitful, path forward for both countries.Stent served in the State Department during the Clinton and Bush administrations, and has taught at the Moscow State Institute of International Relations, gaining a rich perspective on Putin and the future of his foreign policy. She likened Putin to a modern-day czar. Although the leading lights in the upper echelons of Russian society are often called oligarchs, “everything they have—it is at the pleasure of the czar,” Stent said. Political power in Russia is more centralized in one individual than at any time in the Soviet era. Putin is popular among the masses, who view him as a strong leader who will return Russia to its rightful place as a major global power. Putin’s political opponents are either disorganized or imprisoned, according to Stent.

But all is not well in Putin’s world. Russia’s economy is highly dependent on natural resources, oil being one, and is under tremendous stress because of weak commodity prices. Russia is also suffering from capital flight and brain drain. Russians with substantial intellectual or financial resources are leaving Russia or trying to exchange their rubles for other currencies. The Russian economy needs to diversify and modernize, but government constraints prevent such a growth-friendly transition. After all, capital controls and state ownership further the interests of Putin and his political allies.

The mix of an unstable economy amid apparent political stability makes Putin’s future moves difficult to ascertain. “We are dealing with a Putin who is unpredictable,” Stent said. Investors should take a very cautious approach toward Russia and monitor potential flashpoints closely, including Afghanistan, Moldova and Ukraine. The size of Russia’s economy, exceeding $1 trillion, and its significant role in global commodity markets make understanding Putin’s world essential.


The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

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